PENGARUH STRUKTUR KEPEMILIKAN, KEBIJAKAN KEUANGAN TERHADAP NILAI PERUSAHAAN: PROFITABILITAS SEBAGAI VARIABEL MODERATING

Abstract

This research aimed to examine the effect of ownership structure and financial policy on the firm value, with
profitability as moderating variable. The research was quantitative. While, the population was 6 Automotive and
Compenents Companies which were listed on Indonesia Stock Exchange (IDX) 2013-2018. Moreover, the data
collection technique used purposive sampling, in which the sample was based on criteria given. In line with,
there were 36 companies as sample. In addition, the data analysis technique used multiple liniear regression with
SPSS 23. The research result concluded as follows: 1) managerial ownership did not affect the firm value, 2)
institutional ownership had negative effect on the firm value, 3) dividend policy did not affect the firm value, 4)
investment policy did not affect the firm value, 5) profitability could not moderate the effect of managerial
ownership on the firm value, 6) profitability could moderate the effect of institutional ownership on the firm
value, 7) profitability could not moderate the effect of dividend policy on the firm value, 8) profitability could not
moderate the effect of investment policy on the firm value.
Keywords: ownership structure, financial policy, firm value, profitability